What’s the Average Cost of Buying and Selling a House in the East Midlands?  

You may have selling prices and mortgage deals in mind as you plan to move as a second-time buyer. But whether you are borrowing or mortgage-free, you must also set aside funds for the costs of buying and selling a house.  

To help you prepare to buy and sell in Oakham, Uppingham, Market Harborough or Stamford, we break down the cost of buying and selling a house. 

The average cost of buying and selling a house in the East Midlands  

You have to budget for two sets of costs when buying and selling a house. In 2023-2024, detached houses made up half of all house purchases in the East Midlands, according to the Lloyds Bank Home Mover Review. With this in mind, local movers should note that many of the costs of buying and selling are linked to property size or selling price – such as stamp duty for buyers, and agents’ fees for sellers.  

What costs are involved in buying and selling a house?  

The total cost to buy and sell a house in the UK will include the agent’s fees and the paperwork needed to sell, solicitors’ costs for both buying and selling a house, removal costs, and the survey and stamp duty costs of buying a new house. These costs will vary for different sellers from those downsizing a house to those moving to a bigger property.

Costs of buying a house  

These are the key costs of buying a house. 

1 Deposit  

Your deposit is usually 5–25% of the purchase price – £11,200 to £56,000 based on a Leicester property at an average selling house price of £224,000 as per ONS figures. While this comes off the total payable, you must have the deposit available when needed. 

2 Stamp Duty Land Tax (SDLT)  

Stamp duty is calculated by property price. As an example, the stamp duty bill for UK residents moving from one main property to another could be around £11,675 based on Rutland’s average house price of £433,510 by Rightmove’s calculations, or £5,175 on the average selling price in Leicestershire. 

3 Mortgage Fees  

Expect to pay an arrangement fee of around £1,000, occasionally a booking or reservation fee of around £250, and possibly broker fees at around £250 or a percentage of the mortgage deal. 

4 Survey Costs  

The costs vary depending on the size of the house and the level of survey you choose. Ranging from basic to full structural surveys, the average survey costs could be £250–£1,500+.  

5 Solicitor/Conveyancing Fees (Buy Side)  

The legal fees on the house purchase side are typically £850–£1,500 + VAT, plus transfer fees and other costs, and may be higher if you are buying a leasehold property.  Take a look at the paperwork needed to sell your house, from legal work to identity docs.

6 Land Registry Fee  

The Land Registry fee is one of the disbursements you will have to pay, and is based on property price, coming to approximately £20–£910.  

7 Search Fees  

Your conveyancer will check for planning developments, flood risk and more by carrying out local authority searches, environmental and water searches at an average cost of £250–£450.  

8 Moving Costs  

The average cost of moving ranges from £300 to £1,500, depending on the transport distance for removals, property size, and storage needs. 

9 Property insurance costs  

The average insurance policy costs around £350, and you should line up coverage for the moment you take possession of your new home. 

10 Costs of selling a house  

These are the typical costs incurred when you sell a house. 

11 Estate Agent Fees  

These are paid by the seller, with agents’ fees ranging from 1% to 3.5% on average. 

12 Solicitor/Conveyancing Fees (Sell Side)  

The legal costs of selling your home are £600–£1,200 + VAT on average, however these depend on the complexity.  

13 Leasehold Specific Costs  

The costs of selling a leasehold property are higher than freehold, for example, you have to cover the cost of the Leasehold Management Pack. 

14 Energy Performance Certificate (EPC)  

Sellers are legally required to have an EPC before marketing the property – it costs around £60–£120, but lasts for 10 years so you may already have one.  

15 Mortgage Exit Fees  

Ending your existing mortgage to make the move can bring an admin charge of £50–£300.  

16 Early Repayment Charges  

If mortgage is repaid before your term ends, the charge can be 1%–5% of balance.  

17 Renovations, repairs & cleaning costs  

Though it isn’t always worth spending over the odds, you may want to bring your house up to condition to put on the market.  

18 Capital gains tax (if applicable)  

If you own two properties, or are selling a house you inherited, you may have to pay capital gains tax on any value it’s accumulated. 

If you are buying or selling a house in Leicestershire, Lincolnshire, Rutland, Oundle, Wymondham or elsewhere in the East Midlands, we will be glad to answer your questions and discuss how we can help – whether you’re looking for a rural place to live or simply a new town. Contact King West today to discuss your move.